Musicoin got there first — everyone’s still catching up…

So we’ve had a flurry on Copycat blockchain music streaming sites like Choon, Current Media who had recently published White Papers claiming to be the next big thing in the blockchain music streaming arena. Thankfully, we have experts on hand to dispel the rumours and to correct the glaring issues with these platforms. Here’s a few problems:

Firstly, the issue with ‘streaming as mining’. This is a nonsense and we’ve called both Choon and Current Media out on this a few times now. Essentially, they are claiming that listening to music will effectively earn any tokens on the platform. However, as we highlighted before, streaming in itself isn’t ‘mining’ per se neither should anyone be claiming that it is. Also, both platforms have a massive whiff of elitism and exclusively about them which would suggest that either their tokens will be worthless or that they may not even had any plans to widen the pool of artists beyond their friends.

Secondly, neither Current Media (CRNC) nor Choon (NOTES) have market tested their ‘tokens’ which would suggest that they are probably worthless. This is because most successful Crypto startups tend to list early and get into the Coinmarketcap listings early on to not only generate interest but to prove that their project has a geninue value proposition moving forward. Neither Current nor Choon are doing this which suggests that they lack confidence in what they are doing.

Finally, we don’t think that Current or Choon will escape from the label of ‘copycat platforms’. Musicoin was the first and remains the biggest blockchain music streaming platform in the world with the best team, a clear agenda of fairness for artists and a strong value proposition for investors who have been buying MC in droves.